Old Bitcoin Wallets Are Waking Up Fast This Month

A wave of activity has hit the Bitcoin network as long term holders finally begin moving their coins. During the first ten days of August, over 2,209 BTC left addresses that had been dormant for years. This surge represents a major increase in movement compared to the previous month.

To put the numbers into perspective, July saw roughly 1,264 BTC leave similar old wallets throughout the entire month. The volume moved in just the first third of August is already nearly 75 percent higher than the total for all of July. These coins originate from addresses dating back as far as 2010.

Traders and analysts keep a close watch on these older wallets because they represent some of the earliest supply in existence. While it is unclear if these moves signal a plan to sell or a shift toward cold storage, the sudden rise in on chain activity is catching the attention of the market. We will continue to track whether this trend continues through the rest of the month.